With the sale, the Cayman Islands start to emerge as a crypto-friendly hub
CAYMAN ISLANDS, September 1, 2022 /EINPresswire.com/ — In a historic first, Parallel Limited, the Cayman Islands’ first and solely crypto actual property escrow supplier, has efficiently brokered the territory’s first cryptocurrency sale – a non-public dwelling that was bought for in extra of $5 million.
Working with the pioneering Parallel Restricted, the customer was capable of pay one hundred pc of the property worth in cryptocurrency in a matter of weeks.
“We’re delighted to have facilitated Cayman’s first crypto actual property transaction,” stated Laura Birrell, Parallel’s CEO. “We created Parallel to provide crypto buyers a authorized and compliant means to transform their crypto features into tangible actual property in one of the vital sought-after locations on the earth. Properties within the Cayman Islands take pleasure in a excessive return on funding and, with no restrictions on international possession, no property, capital features, inheritance or different recurring or one-off taxes, investing your cryptocurrency in Cayman actual property with Parallel is a brilliant resolution.”
“The sale heralds a brand new period of property transactions within the Cayman Islands and is an thrilling step ahead for its actual property business, which is among the most strong on the earth,” Birrell added.
Parallel is the Cayman Islands’ first and solely actual property cryptocurrency escrow supplier. It presents crypto buyers a compliant means to diversify their funding portfolios in one of the vital prestigious actual property markets on the earth. Cayman recorded a record-breaking variety of actual property transactions in 2021 and, with no restrictions on international possession and no direct taxation, this pattern is anticipated to proceed.
The Cayman Islands are an English-speaking British Abroad Territory within the western Caribbean. Nicely referred to as one of many world’s main monetary facilities, the Cayman Islands boast one of many highest GDPs and requirements of residing on the earth. The Islands are dwelling to many worldwide high-net-worth people who’re attracted by its laid-back way of life, year-round tropical local weather, stunning seashores and its standing because the culinary capital of the Caribbean.
Parallel’s first crypto actual property buy marks an thrilling second in Cayman’s historical past because it steps as much as compete on the worldwide stage with different crypto-friendly hubs, resembling Miami, New York and Dubai.
Due to Parallel’s providers, the crypto actual property increase that these cities have been having fun with lately appears set to reach on Cayman’s golden shores.
Drawing on an in depth monitor file of compliance with worldwide requirements, the Cayman Islands authorities just lately applied a regulatory framework that establishes the legitimacy of digital property and cryptocurrencies within the Islands, which regulates service suppliers who want to function within the area, referred to as a Digital Asset Service Supplier, or VASP.
The authorized framework presents safety to buyers, as VASPs are topic to regulatory oversight in areas that embrace anti-money laundering compliance, governance and cybersecurity.
Cayman’s digital asset regulatory framework additional advances the nation’s ambition of changing into a number one heart for VASPs and blockchain companies and entrepreneurs.
These are thrilling occasions for Cayman and for cryptocurrency buyers globally, who can face challenges when searching for to diversify their digital wealth into conventional property. By bridging the hole between the digital and bodily worlds and enabling individuals a compliant means to speculate their cryptocurrency in actual property, Parallel is offering an progressive answer to those challenges.
For extra details about Parallel and its providers, go to parallel.ky or contact email@example.com.